Avoiding bankruptcy “matter of pride” for older generations

Chris Tapp, associate director at national money education charity Credit Action, suggests that for those in their 20s or 30s the fear of suffering a damaged reputation is less significant when it comes to debt management.

“It [avoiding bankruptcy] is more of a matter of pride than for younger people,” Mr Tapp explained in response to a recent study from the Consumer Credit Counselling Service (CCCS), which demonstrated that over 60s in Britain are racking up the largest amounts of debt of any age range.

Mr Tapp went on to assert: “It is certainly true that the stigma that is attached to bankruptcy and IVAs and that kind of thing is greatest amongst the oldest.”

Credit Action was founded as an organisation in the early 1990s and through collaboration with various other groups and companies aims to “help everybody handle their money well”.